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Coming Soon to a State Near You; Yes, this is a VERY big deal....
Topic Started: Oct 4 2016, 08:32 AM (379 Views)
Jolly
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Geaux Tigers!
Heard about this on the national news?

http://time.com/money/4512950/retirement-california-savings-plan/
The main obstacle to a stable and just world order is the United States.- George Soros
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Aqua Letifer
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ZOOOOOM!
Had that in Oz. I never saw 10% of my paychecks.

Good idea.
I cite irreconcilable differences.
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Larry
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Mmmmmmm, pie!
Yeah, now there's a good plan - saddle small business with yet *another* government forced program where the employees think they're the only one putting money into it...

That'll close those pesky small businesses!!
Of the Pokatwat Tribe

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Aqua Letifer
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ZOOOOOM!
Larry
Oct 4 2016, 11:37 AM
Yeah, now there's a good plan - saddle small business with yet *another* government forced program where the employees think they're the only one putting money into it...

That'll close those pesky small businesses!!
I thought it was all employee-contributed; be cool if employers also matched but that should be a hiring incentive, not a legal requirement.
I cite irreconcilable differences.
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Jolly
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Geaux Tigers!
All employee contributed, but business will have to make sure the funds are remitted.
The main obstacle to a stable and just world order is the United States.- George Soros
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Mikhailoh
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If you want trouble, find yourself a redhead
Just another way to tell people they are TOO FREAKING STUPID to take care of themselves.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Larry
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Mmmmmmm, pie!
And, businesses will have to foot the cost of compliance, spend hours filling out paperwork, and now will have yet another thing that gives government a reason to come in and threaten the business owner with asset seizures and jail time if he doesn't dot every I.

If employees want to put 10% of their income into a savings account, they should just go do it. Saddling the business owner with yet another set of tax forms and all the headaches that comes with it is not the answer.
Of the Pokatwat Tribe

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Larry
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Mmmmmmm, pie!
Mikhailoh
Oct 4 2016, 11:55 AM
Just another way to tell people they are TOO FREAKING STUPID to take care of themselves.
Exactly.
Of the Pokatwat Tribe

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Aqua Letifer
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ZOOOOOM!
Mikhailoh
Oct 4 2016, 11:55 AM
Just another way to tell people they are TOO FREAKING STUPID to take care of themselves.
When they actually are too damn stupid—and they are with this issue—you get this.
I cite irreconcilable differences.
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Mikhailoh
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If you want trouble, find yourself a redhead
Perhaps today. Do this and they will remain so.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Copper
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Shortstop
Aqua Letifer
Oct 4 2016, 11:57 AM
Mikhailoh
Oct 4 2016, 11:55 AM
Just another way to tell people they are TOO FREAKING STUPID to take care of themselves.
When they actually are too damn stupid—and they are with this issue—you get this.

So let's make sure everyone is motivated to be stupid.
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Aqua Letifer
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ZOOOOOM!
Mikhailoh
Oct 4 2016, 11:59 AM
Perhaps today. Do this and they will remain so.
Would that be so bad? So okay, they didn't learn a lesson they didn't have to learn anyway because now it's just done, like saving phone numbers in your phone.

In terms of the individual cost of not planning for the future vs. having someone do it for you, it's a no-brainer as to which should be done. The answer is the same if you look at the social cost of so many people not investing. Why not just eliminate the problem?
I cite irreconcilable differences.
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Mikhailoh
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If you want trouble, find yourself a redhead
Why fix it with yet more regulation and paperwork on the back of small business?
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Aqua Letifer
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ZOOOOOM!
Mikhailoh
Oct 4 2016, 12:47 PM
Why fix it with yet more regulation and paperwork on the back of small business?
Yeah, because the paperwork is so awful. Come on, you don't even have to hire anyone else, it just takes a little bit more time for payroll to do their thing.

Compare that to the hemorrhaging costs these people create later in life by relying on government assistance because they can't afford to live. It's a lot. Be much cheaper to every citizen and business owner (and of course the employee) if saving were mandatory.

Besides, isn't financial irresponsibility something conservatives like to rant against?
I cite irreconcilable differences.
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Mikhailoh
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If you want trouble, find yourself a redhead
No. It's personal responsibility. Financial is just one facet of that.
Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball
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Aqua Letifer
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ZOOOOOM!
Mikhailoh
Oct 4 2016, 01:03 PM
No. It's personal responsibility. Financial is just one facet of that.
If you're not even willing to do the paperwork to make someone be smart with their money, I don't think you have any room to stand on to complain about paying for social programs for people whoa aren't smart with their money. FFS man it's paperwork.
I cite irreconcilable differences.
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Copper
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Aqua Letifer
Oct 4 2016, 12:56 PM
Come on, you don't even have to hire anyone else, it just takes a little bit more time for payroll to do their thing.

This will keep thousands of lawyers, accountants and project managers engaged for months.

And then the administrative staff to manage it will be hired.
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Jolly
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Geaux Tigers!
Nope, not really.

Since the fiduciary responsibility will fall on the state, it's mostly a matter of assigning it to the correct committee, bidding out a contract (here's betting Vanguard takes it), setting up a website and actually receiving and transferring funds.

Done correctly, you could do it with a staff of about a dozen people and a couple of managers.
The main obstacle to a stable and just world order is the United States.- George Soros
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Larry
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Mmmmmmm, pie!
Quote:
 
Yeah, because the paperwork is so awful. Come on, you don't even have to hire anyone else, it just takes a little bit more time for payroll to do their thing.


Wow..... hahahahahahahahahaha


Quote:
 
Compare that to the hemorrhaging costs these people create later in life by relying on government assistance because they can't afford to live. It's a lot. Be much cheaper to every citizen and business owner (and of course the employee) if saving were mandatory.


Why force the employer to be responsible for your (the employee) inability to manage your own finances? I think ALL withholding tax should be left between the person who owes it (the employee) and the entity forcing them to pay it (the government). As it is, employers are being forced to act as a collection agency for the government.

Try this - if you earn 500 bucks, you get a paycheck for 500 bucks. Then YOU get a form in the mail from the government each month that YOU have to fill out, and YOU write a check to the government for what they tell you how owe.

Have you ever wondered just why it is that it isn't done that way? There's several reasons for it, one being the same reason that Hershey's isn't selling candy bars one at a time. But the biggest reason is because they are taking advantage of the fact that most people working for a paycheck is frankly too stupid to understand just how much they're losing to the government in taxes. Most people working for a paycheck see the net amount they get paid, and tell themselves that's how much they make. If people had to actually pay their own taxes directly to the government, they'd revolt.

Just think of how much more an employer could pay, or how many extra employees he could add to the payroll, if he didn't have to spend his time and money being a collection agency for the government.

Of the Pokatwat Tribe

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Jolly
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Geaux Tigers!
End result: Most people, and I do mean most, are too stupid to actually take care of their own money. At least they are in this country. And if we let them do so, it won't be long before you see the articles about old people eating dogfood and pictures of ragamuffins running the streets.

Then comes the hue and the cry that We. Must. Do. Something!

And we will, God help us...
The main obstacle to a stable and just world order is the United States.- George Soros
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Larry
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Mmmmmmm, pie!
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FFS man it's paperwork.


You think? Years ago my accountant made a 1,500 dollar mistake on one month's payroll withholding. A few months later, this "woman" shows up waving her badge, accusing me of theft, chastising me for being irresponsible with "someone else's money", and told me that she was going to go through all my paperwork for the past 5 years, if she found even *one more dollar* she intended to prosecute me criminally. My accountant told her it was her mistake, and that we would issue her a check on the spot for the 1,500 bucks. Nooooooooo - with penalties and interest, and with absolutely NO way to justify her numbers and apparently no requirement that she do so, she informed us that we owed 89,700 dollars.

Just paperwork? Meh
Of the Pokatwat Tribe

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Rainman
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Fulla-Carp
Larry, I've got you beat by a few bucks.

That same "woman" (cloned) was in charge of a full IRS audit on me a few years ago. It started with a simple deal: I could just write the IRS a check for $97,000.00 (in addition to what I already paid) and they'd skip the audit.

What a royal Pain! As it was, she managed to deny certain deductions which in her opinion were not allowable, I wrote a check for $4000 and change. I figured there was no way I would get out of there without paying something.

Regarding the 10% idea: there is no reason that personal finances should not be taught in school.
Or, maybe there is a reason. . .
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Luke's Dad
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Emperor Pengin
This is going to destroy a lot of people living check to check.
The problem with having an open mind is that people keep trying to put things in it.
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Copper
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Shortstop
If I understand this correctly this sounds a lot like social security except the employer contributes nothing.

And the entire amount could be wiped out if the employee is unlucky with their investment choices.

And of course with a 10% contribution it hurts the poorest the most.

But it does create a nice pile of money we could confiscate to pay my social security.
The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy
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Jolly
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Geaux Tigers!
Copper
Oct 4 2016, 03:35 PM
If I understand this correctly this sounds a lot like social security except the employer contributes nothing.

And the entire amount could be wiped out if the employee is unlucky with their investment choices.

And of course with a 10% contribution it hurts the poorest the most.

But it does create a nice pile of money we could confiscate to pay my social security.
Actually 10.65%. 7.65% for SS and Medicare, 3% for your CA IRA.
The main obstacle to a stable and just world order is the United States.- George Soros
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